May 9, 2012

The Ontario Government’s Ministry of Consumer Services is the latest government body to issue a consumer alert “warning consumers to exercise caution when considering a contract for debt settlement services.” They warn that “complaints about companies offering debt settlement services are increasing,” and “most of the complaints are about unclear or misleading contracts, excessive fees, and failure to reduce debts as promised.”

May 3, 2012

One of those rare moments happened yesterday in the Vancouver Sun when the B word was mentioned - B for (whisper) bankruptcy. The rich and famous were put on public exhibition for their financial misdeeds, sort of like a modernized pillory intended to inflict maximum humiliation.

It was announced that NBA star Dennis Rodman was broke and faced jail time if he didn’t make his payments.

April 26, 2012

The Zombie Debt phenomenon as it has recently been called by some accordingly includes significant investors who buy old debt and rely on the consumer’s ignorance of the law to pay – especially a debt that may no longer be enforceable or was never a lawful debt obligation to begin with. This is getting up there with the subprime fraudsters of US fame who pushed the debt envelope a bit too far.

April 19, 2012

I had the most interesting conversation today while at the swimming pool waiting for my daughter. I spoke to the young cashier about the global debt crisis and all of a sudden I had a group of people all listening and speaking about how bad debt was. They seemed to be impressed that someone much older than them sympathized with young people starting out with debt written all over their faces.

April 10, 2012

One definition of cognitive bias describes a pattern of inaccurate judgments, illogical interpretations, premeditated distortions and poor judgments often triggered by a particular situation. This is a very appropriate depiction of what led to the U. S. credit crunch of 2007-08. The overarching faith in never ending high returns on investments was a bias shared by governments and major investment banks in the United States.

Remember, if you are experiencing financial difficulties do not wait. Call Solutions Credit Counselling at 1(877)588-9491 or fill out our Debt Consolidation Questionnaire and get your Free Credit Counselling Advice today.

For more information visit Debt Canada - your Canadian credit education centre.

If you are a woman in debt, speak with Women and Money first. We specialize in helping women with their personal and business financeMoney management advice you can count on!

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